Is web3 casino the new trend for casinos?

[acroman08]

This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

without AML that is what it is supposed to do, but web3 casinos want to operate legally and in order to do that they need a license and the result is they will be regulated. it's the same with crypto casinos, it was supposed to be a casino where gamblers can gamble anonymously but regulation ended that because crypto casinos want to operate legally.

[Oshosondy]

However, web3 casinos are permissionless, which means that the players aren't required to create an account and provide information.
How can such casino require KYC, if the player doesn't even have to create an account? This doesn't make any sense to me

Web3 looks permissionless to you because people that are using it can not register and do KYC. But in reality, the design can change with time in a way the Web3 gambling sites will tell their users to do KYC and have account registered. The benefit people are still getting is that there is no much regulatory pressure on web3 casinos.

[Assface16678]

This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

without AML that is what it is supposed to do, but web3 casinos want to operate legally and in order to do that they need a license and the result is they will be regulated. it's the same with crypto casinos, it was supposed to be a casino where gamblers can gamble anonymously but regulation ended that because crypto casinos want to operate legally.

Exactly no matter what a casino platform wants in order to implement anonymous state, it cant be because its either they operate legally or illegal, well of course they will want to operate legally, so there's no escape for those who wants to be anonymous they will need to comply with KYC because that's the only way an online casino can operate and to protect their platform for being used in order to do illicit activity that may result a bigger problem, so I understand why there are no web3 casino that can eliminate KYC because they dont have any other choice, and same goes to the customers, they cant withdraw their earnings in a casino without going through KYC, so its your choice but I don't think there is a choice for that. So it's better to comply than to oppose because it's better to play giggling in a casino without a problem. In KYC, you can easily withdraw and deposit money.

[arwin100]

What if the government tells all Web3 exchanges and casinos to mandate all their customers to get verified? The customers will still have full control of their coins but they will get verified to know their identity. This is where Web3 is likely going. All that is needed is time.

When web3 was proposed, it was said it would be decentralized but it was not decentralized but centralized. We thought it will make use of nodes, but all what we are seeing are central servers. Everything that are making use of central servers can easily be controlled by the government and web3 is still one of them.

If they notice about the existence of Web3 casino which allow users anonymity of their gamblers then provably that they have chance to get called out by government and required them to implement a KYC to their casino or regulate it. But if they can't really control them then maybe the same with mixers they also try to impose a total ban since they will think about that its a threat for their interest and might link it that there's something to do with money laundering schemes or other illegal acts.

Decentralization of a certain platform is seems to be impossible to happen since the government have all the power to control whatever things they like. Hopefully we don't see it on Web3 based casino but also we need to be prepared on their possible actions.

[m2017]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

The anonymity of web3 casinos is a temporary phenomenon.

If web3 casinos are not currently regulated (as a new direction in gambling), then after some time this niche will be regulated and KYC requirements will be integrated there. It's unavoidable. The regulator will not leave the web3 casinos without its sensitive supervision, because taxes and control are the initial goals of the regulator.

[CODE200]

My thoughts on web3 casinos is that they're a living conundrum, they offer the ability to be anonymous while gamble but at the same time, they need to make sure that they're regulated and that they follow the rules or else they risk losing their business. This is probably a thing that would make a lot of gambling regulators all over the world change how they're going to do things when it comes to regulating casinos because Web3 casinos will definitely not falter to a measly KYC policy just because the authorities says so, there's bound to be a lot of takedown operation to this casinos eventually but I'm sure that it's a long one.

[Coin_trader]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.


What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

The current Web3 casino is not really what you are describing since they are still regulated and use an account for registration. The only application of Web3 on these casino is the ability to connect web3 wallets but besides that those “web3” casino is just a regular casino that has KYC.

You are describing a decentralized casino with this feature because that’s the real casino that offers anonymity and privacy but you can’t play regular games from 3rd party providers on these casino their games should be on-chain.

They are still same centralized casino ehich allow web3 wallet connection. They are not totally web3.

[Taskford]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

The anonymity of web3 casinos is a temporary phenomenon.

If web3 casinos are not currently regulated (as a new direction in gambling), then after some time this niche will be regulated and KYC requirements will be integrated there. It's unavoidable. The regulator will not leave the web3 casinos without its sensitive supervision, because taxes and control are the initial goals of the regulator.

Yeah for now its temporary since maybe  government didn't know the existence of web3 technology so maybe once they find out that there's some running business that offer anonymity to people then provably that they will be regulated. Also for sure that they would follow especially if they already got a lot of clients playing on their casino and for sure they won't let their business go down since that's huge loss for them.

So if we see a successful web3 casino then maybe the best thing we can do is to enjoy it and get ready for possible implementation of KYC on their platform since for sure that time will come that they would comply on the government requirement so that they can let them operate legitimately.

[BABY SHOES]

Web3 casinos are not completely anonymous because what I know is that when you use web3 you still have to deposit your funds from the metamask to the casino account and when withdrawing the opposite, so for me in this way it is clear that the casino will still ask for your KYC at any time when a problem occurs for you.

The casino has existing licenses and regulators so there is no way that in full anonymity the casino can still control your account.
Web3 is now a new trend so casinos are integrating this because people may argue that with web3 it is fully anonymous.

[Russlenat]

Web3 promotes anonymity and claims to be a decentralized platform, and in fact, it can operate that way. However, if you are a gambler looking to gamble in a web3 casino and ensure they are operating legally, then you'd kill the very purpose of a web3 casino.

I think no one can avoid this regulation as the government would always see what the popular platforms in the crypto gambling industry are, so it's either these platforms, including web3 casinos, will comply, or they'll ban them. As for users like us, it's not a problem if we don't demand legality as web3 casinos can exist even without a license.

[coin-investor]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

They already existing for many years already check this directory  Dapp Radaar
they are trending in the community where the smart contracts of the Web3 platforms are created

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

They do not yet need compliance because the laws that govern WEB3 compliance are under development so the framework is not yet up but if these Web3 casinos become competitive then the regulators may need to come out with laws that will govern WEB3 because if they do not they will become the next target of money launderers to launder money.

Reference for this discussion
Web3 Gaming and its Legal Implications

So far we only have a few of these Web3 casinos in our community but based on the success of some many more will come to promote their platform here.

[Helena Yu]

Web3 was a trend in few years ago, now it's no longer a new trend. A new trend is AI, that's why many altcoins are created using AI name. Is there any AI casino? not yet, but if there's a casino that adopt AI and following the trend, it will be a new achievement than other casinos.

Web3 casinos are not completely anonymous because what I know is that when you use web3 you still have to deposit your funds from the metamask to the casino account and when withdrawing the opposite, so for me in this way it is clear that the casino will still ask for your KYC at any time when a problem occurs for you.

And why they need to ask KYC? they ask to deposit from metamask and then if you want to withdraw your money, you withdraw it to metamask, metamask is a non custodial wallet, not centralized exchange.

[freedomgo]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

They already existing for many years already check this directory  Dapp Radaar
they are trending in the community where the smart contracts of the Web3 platforms are created

I was aware of that but they werent popular back then, just recently they are gaining popularity as we can see in the gambling section where lots of web3 casinos popping up.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

They do not yet need compliance because the laws that govern WEB3 compliance are under development so the framework is not yet up but if these Web3 casinos become competitive then the regulators may need to come out with laws that will govern WEB3 because if they do not they will become the next target of money launderers to launder money.

Reference for this discussion
Web3 Gaming and its Legal Implications

So far we only have a few of these Web3 casinos in our community but based on the success of some many more will come to promote their platform here.

I think what we should be looking at here is the amount of money coming in and out of these casinos. I believe I've seen one before that already had almost a billion dollars in total wagers. That was just one casino, so if we combine it with the others, that easily makes it a billion-dollar industry.

[coin-investor]

I think what we should be looking at here is the amount of money coming in and out of these casinos. I believe I've seen one before that already had almost a billion dollars in total wagers. That was just one casino, so if we combine it with the others, that easily makes it a billion-dollar industry.

So it is a matter of time before the AMLAC gets an alarm on the activity of these WEB3 casinos, these casino models are smart contracts based, and all actions are triggered on the configuration of the contract so there may be a configuration that will cause the alarm if a certain amount is reached in the withdrawal in web3 platform.

The centralized casinos are still popular but once these web3 casinos get into the top 10 casinos in the industry the authorities will have to impose their regulatory power to monitor and regulate these contract-based transactions.

[BABY SHOES]

Web3 casinos are not completely anonymous because what I know is that when you use web3 you still have to deposit your funds from the metamask to the casino account and when withdrawing the opposite, so for me in this way it is clear that the casino will still ask for your KYC at any time when a problem occurs for you.

And why they need to ask KYC? they ask to deposit from metamask and then if you want to withdraw your money, you withdraw it to metamask, metamask is a non custodial wallet, not centralized exchange.

Actually I have never experienced like this at web3 casino and have never played with such a system, it's just that what we think when they ask for KYC is normal from big wins of course big wins are usually sensitive to the investigation of wins to make users feel uncomfortable.
Supposedly once metamask is a non-custodial wallet it means no KYC, but we don't know if there have been cases of KYC issues when they use web3 in their casinos.

[stadus]

Supposedly once metamask is a non-custodial wallet it means no KYC, but we don't know if there have been cases of KYC issues when they use web3 in their casinos.

Not happening in most web3 casinos, I guess. Unless your account gets banned, you won't be able to access your funds. But as long as you can access your account, transactions are through MetaMask where casinos have no control, with that said, you can do whatever you want. However, time will come when the government notices, since they notice everything that they can get money from, then expect that things will change and that KYC will be required in this type of casino.

I can't share much more about this as I personally haven't used web3 casinos. I'm just sticking to some old and popular casinos for my sports betting activities.

[YOSHIE]

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

As far as I know, online casinos never stop promoting their casinos in various ways, as time goes by and technology develops, that's the actual fact on the ground that we can see people gambling, even though we know crypto casinos are a gambling industry that people often visit, it's no surprise that web3 casinos are popping up with the way they connect wallets or hardware to support their web3 casino platforms.

Believe it or not Web3 casinos have millions of users today, users once logged in stay on their web3, that's why they don't need kyc, you stay inside via your connected crypto wallet, essentially whatever looks like an online crypto casino or web3 casino, KYC or not in terms of fraud is very simple, experts in certain fields can also become victims, so gamble on a casino that can be responsible for everything.

[michellee]

I am not sure that web3 casino is free from anonymity and privacy because once a gamblers wins much money, casino can asks them to identify their account before they can withdraw their wins money. If people wants to avoids KYC, they must not playing gambling using much money. When they use their wallet to log in to casino, they can directly playing gambling at that casino.

But web3 casino doesn't wants their casino is illegal so they must follows the regulations and will asks their members to do KYC. Web3 casino maybe the next new trend in the gambling business because web3 casino offers an easiness to gamblers not to register a new account. Gamblers can log in using their wallet and start to playing gambling.

But the government will not stops from monitoring those web3 casino. The government wants to control any casino and knows the customer from that casino.

[uneng]

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

Blockchain decentralized gambling concept requires responsability, autonomy and specific knowledge from users regards its features. Do you think the largest portion of this community or a considerable portion of this industry has such traits in order to adopt Web3 casinos? I don't think so... People are heavily dependant on middlemen, third party services, regulators and authorities when deciding what they will adopt and what services they will use. Web3 doesn't look something gamblers in general would feel attracted to.

There is also the legal aspect as well, which can be an obstacle, if regulators decide for considering it a forbidden practice. I think it would be hard for them to punish decentralized concepts of casinos, because there isn't a central responsible or CEO behind it, but they could punish everyone using it from the jurisdiction where the regulations are a must. Probably something similar to the approach they take from piracy practice.

[Wapfika]

However, web3 casinos are permissionless, which means that the players aren't required to create an account and provide information.
How can such casino require KYC, if the player doesn't even have to create an account? This doesn't make any sense to me

Web3 looks permissionless to you because people that are using it can not register and do KYC. But in reality, the design can change with time in a way the Web3 gambling sites will tell their users to do KYC and have account registered. The benefit people are still getting is that there is no much regulatory pressure on web3 casinos.

Actually current web3 casino works the same like what you describe. They allow to link metamask wallet to the casino yet you still need to provide additional information such as email to have a safety feature to recover your account once you forgot your metamask seedphrase.

Also most of web3 casino still has KYC. Web3 is just being use to create an account but the casino account itself has their own wallet address which the casino controlled.